India in 2030 might look a little bit different if Prime Minister Modi’s dream is realized. There will be 7% vehicles which will be electric and this might change a lot of things. This is because India is home to 9 of the 10 most polluted countries in the world. That is one of the reasons why India is working hard towards the EV market. That said, the country is doing everything it can in order to achieve this dream. The dream was put forward a long time ago and it is still not moving forward at the pace it is required to.
India’s problem lies with the huge population, which is also its strength but the infrastructure required to pull of that dream is nowhere to be seen. That is the reason there is very little foreign investment in the market that has humongous potential. There are foreign companies looking at this market but they take a step back and are waiting for India to develop the Charging stations required to achieve the dream.
However, as mentioned multiple times before, this is a loop which no one is really breaking. No cars, no charging stations, no charging stations, no cars, and the government gets this but it is not really trying to do anything about it. The major companies like TATA and Reliance wait for all the foreign companies to do the research and development, they then bring that technology in India. By doing this they save a lot of money, which is required for R&D.
That said, Schaeffler India is looking to invest huge sums of money in the EV market in India. They have planned to put up a hub which will provide solutions to the EV companies and want to help India achieve their dream of 2030. The company has promised to invest a minimum of INR 983 crores which are around €120 million.
This is not a surprise as Schaeffler was reported to invest a similar amount in 2015. It is one of the few companies that is going to help EV companies build up the infrastructure that is missing in India. The German company is currently providing cost-effective solutions to tractors and two-wheelers in the country. It is kind of successful looking at the client list of the company.
That said, the company is going to do the same for the EV market. However, it is not the only German company to provide EV solutions. Bosch, another giant from Germany had promised to provide solutions for the same in the country. This news came out in 2017 and India is still waiting for their entry.
There are many companies showing interest in India right now. Japanese company Nissan is planning to invest in India, Hyundai, the Korean giant has already planned to enter the Indian market with its Kona Electric SUV. The Chinese company, Kia is also interested and will look to invest as soon as it finds a concrete customer base in India.